Reddit Rule Change Triggers 400% $MOON Price Surge

Note: The article was originally written when $MOON experienced a 86% price rally.

Following the speculations of online social forum website Reddit changing its terms of service, the value of community-exclusive tokens MOON and BRICK both have gained significant increase recently. 

$MOON Token Surges by 400%

As per the latest data from CoinGecko, MOON went up by 86.5% for the last 24 hours, a 312.6% increase in a week, and is currently trading at $0.389126. The cryptocurrency is up 418% in the last seven days.

$MOON Token Surges by 73%

MOON, the exclusive community-driven token of r/CryptoCurrency, a popular subreddit with a substantial user base of more than 6.6 million crypto enthusiasts. Within this system, participants are rewarded with MOON tokens as a means of acknowledging their active and engaging contributions through posts and comments within the subreddit.

On the other hand, BRICK went up by 133.0% in a day–446.9% in the last 7 days– anc currently valued at $0.03818360. Prior to the increase the value of this token was just consistently around $0.0068-$0.0059.

BRICK, the native token of r/FortniteBR, a subreddit focused on the popular video game Fortnite. The token is granted to users as a reward for their contributions to the subreddit. Similar to MOON, BRICK tokens can be traded, tipped, or utilized for various community-related activities.

$MOON Token Surges by 73%

The recent surge in interest in Reddit’s community points may have been caused by a viral post in the r/CryptoCurrency subreddit claiming that the platform’s terms of service had been changed to allow the trading of these goods. Reddit initially banned the use of trading points on its platform.

“The Reddit ToS has been changed and verified virtual goods like avatars AND Reddit Community Points can be sold! This is a major development for moons,” the post highlighted.

The claim was also supported by Bobby Ong, the co-founder and COO of Coingecko, noting that there has been speculation about forthcoming changes to Reddit, which has led to an increase in the value of two tokens: MOON and BRICK. 

According to him, Reddit’s recent modification of its Terms of Service explicitly permits the trading of tokenized Community Points, while non-tokenized Coins and Awards have been removed. 

“No firm changes have been announced for Reddit’s Community Points yet, but the community is speculating that Reddit will give more attention to the Community Points. This has resulted in MOON and BRICK tokens increasing by over 100% in value this week,” Ong stated.

Kraken to List Reddit Community Points? Crypto.com Listed Moon

After Reddit reviewed its terms of service, some Redditors discussed listings on major exchanges–where some mentioned Kraken, an exchange that has been popular among them for years.

When asked about the possibility of listing MOON, a representative from the exchange said that they are always open to adding new tokens. However, they did not explicitly confirm that MOON would be listed.

But while the Kraken rumor faded, another exchange — Crypto.com — added Moon, causing the price surge again.

Reddit Community Points

Reddit first introduced the Community Points in 2020. The points, stored using Ethereum ERC20 Standard, serve as a reward for users and provide extra benefits. T

Community Points represent ownership of a subreddit and can be earned through contributions like posting and commenting. They can be used to buy memberships, vote on polls, and are displayed next to a user’s username as a visible form of reputation.

Reddit in Web3: Beyond Community Points

Reddit introduced NFT avatars in June 2022, following the release of CryptoSnoo, a collection of avatars based on the platform’s logo, Snoo.

Reddit released Gen 1 NFTs in July, which sold out in a month. Reddit also airdropped NFTs to high-karma users in four collections: The Singularity, Aww Friends, Drip Squad, and Meme Team.

After a month, Reddit partnered with layer 2 blockchain Polygon to establish a digital collection marketplace.

Reddit Gen 2 was a success. It sold out quickly after its release in September 2022, and a pair of avatars sold for 4 ETH each on September 21. The collection reached a new all-time high of $3 million in trade volume on October 24.

Then, in April this year, Reddit launched its third generation of NFT avatars, with 10.6 million pieces created by 100 artists. The collection has more distinct details and features than previous collections, as artists were given creative freedom within the Snoo template.

This article is published on BitPinas: Reddit Rule Change Speculation Triggers Moon, Brick Surge

Disclaimer:

• BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
• No staff of BitPinas own any of the tokens discussed in this article.